Bitcoin reached its highest levels in nearly a fortnight over the weekend, but BTC price action faced an "absolutely terrible" Monday track record.
Bitcoin (BTC) consolidated near two-week highs into Sunday’s weekly close as traders geared up for fresh market turbulence.
Data from TradingView showed BTC/USD focusing on $62,700, the site of a key long-term trend line, the 200-week simple moving average (SMA).
BTC/USD four-hour chart with 200-week SMA. Source: Cointelegraph/TradingView
Bulls managed a trip to $63,450 on Saturday amid thinner exchange order books and a three-day US holiday weekend.
“Seeing stronger passive supply here pressing price from above,” commentator Exitpump wrote in their latest analysis on X.
Trader Daan Crypto Trades flagged short position liquidations as the price gained, with data from CoinGlass putting the 24-hour crypto total at $167 million.
“Classic short squeeze, price grinds higher into a level everyone's shorting until forced covering does the rest,” he commented on X.
BTC/USD vs. crypto liquidation history (screenshot). Source: CoinGlass
Fellow trader Killa had a word of warning, reiterating that the past seven Mondays had seen major price weakness.
“7/7 Mondays have been absolutely terrible for $BTC,” they told X followers.
In a new analysis published on Friday, trading company QCP Capital eyed potential tailwinds forming for crypto and risk assets.
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